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Memorandum of Understanding (MOU) Signed for the Establishment of Electric Vehicle Charging Infrastructure

LG Electronics to Expand Electric Vehicle Charging Solutions Business with Seoul City

LG Electronics is accelerating the expansion of electric vehicle (EV) charging infrastructure in collaboration with Seoul City. On the 30th, LG Electronics announced that it had signed a memorandum of understanding (MOU) with Seoul City's Climate and Environment Bureau Director, Yeo Jang-gwon, and LG Electronics' BS Research Institute Director, Woo Jong-jin, to build electric vehicle charging infrastructure.

As part of the agreement, the two parties aim to not only increase the quantity of domestic EV charging infrastructure but also provide customized charging solutions optimized for various needs, including fast charging and assistance for transportation-vulnerable groups. To achieve this, LG Electronics will supply fast (200/100kW) and slow (7kW) chargers, along with robot charging solutions, to charge point operators (CPOs) such as Nexsing.

Seoul City will assist by finding spaces that require EV chargers and providing necessary administrative support. LG Electronics plans to install over 50 fast chargers by 2026 through the replacement and additional supply of EV chargers at city-operated buildings, parks, and parking lots.

Additionally, LG Electronics will install more than 10 robot charging solutions, developed jointly with Doosan Robotics, in welfare centers to enhance the charging convenience for vulnerable groups. The robot charging solution integrates LG's fast chargers with Doosan Robotics' charging robots. Drivers can park their vehicles in charging zones, open the charging port, and the robot will automatically connect the charging cable, making it easier for people with mobility challenges to charge their vehicles.

LG Electronics will also provide real-time charging information through its cloud-based management platform, e-Centric. Furthermore, starting at the end of last year, LG expanded its EV charger service hours to include weekday nights and weekends, a service that was previously only available during weekday daytime hours.

With global demand for EV charging infrastructure growing, LG has also made moves to expand internationally, having signed an MOU with ChargePoint, North America's largest EV charging service provider, in June to broaden its market reach.

According to Roland Berger, a German consulting firm, the global EV charging market is expected to grow at an average annual rate of 32.3%, reaching an estimated $186 billion by 2030. The Korean Ministry of Environment plans to increase the number of EV chargers to over 1.2 million by 2030, expanding by six times compared to 2022.

Seohung-gyu, Head of LG Electronics' EV Charging Business, stated, “With the combination of differentiated quality chargers and management platforms, we aim to solidify our position as a reliable charging solution provider by targeting the diverse needs of EV charging infrastructure.”